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Gimme Shelter

By Braden Keil

Harlem hottie

Gentrification is hitting the fast track in Harlem, with word that a duplex penthouse apartment to be built on Central Park North (aka 110th Street) is about to sell for more than $12 million. The buyer is said to be a tycoon from Australia.

Should the sale close in the building known as 111 Central Park North, it will be more than three times the neighborhood's current record price of $3.89 million for a single-family home.

Two duplex penthouses in the 20-story building are being combined into a sprawling 7,000-square-foot mansion with 2,000 square feet of terraces. The park-fronting building will comprise 47 condo units and is expected to be completed in late 2007.

Another sale at 111 CPN, which brokers say has sold approximately a quarter of its units since opening its sales office after Labor Day, involves an entire 5,500-square-foot floor fetching more than $6 million. The Athena Group developers had no comment on the pending sales.